FX.co ★ Elliott wave analysis of AUD/USD for January 13, 2022

The Aussie dollar is of course enjoying the weakness of the US dollar and is headed for a retest of resistance at 0.8000 where we expect the Aussie dollar to start a new retreat. A break above resistance at 0.7410 will confirm the rally higher towards 0.8000 is in motion.

What we have to remember here is, that we are in the B-wave of a larger corrective pattern and B-waves are often super complex and can make twists and turns that are completely unexpected, but they still follow the larger picture which in this case is higher towards strong resistance at 0.8000.